Thieves tunnelled into jewellers to take £1,000,000 in diamonds and gems

An upmarket Fleet Street jewellers has been robbed by burglars who tunnelled in Hatton Garden style and made off with an estimated £1 million in diamonds and gems.

George Attenborough and Son Jewellers on Fleet Street in central London was hit at some stage over the weekend, as thousands of runners competing in the London Landmarks Half Marathon thundered past nearby. The firm advertises items worth tens of thousands of pounds such as Cartier diamond rings on its website.

The Sun suggested the thieves who are still at large used drills to gain access to the secure building and complete the raid. A Scotland Yard statement confirmed members of its Serious and Organised Crime Command were involved in the investigation.

It said: ‘Police were called shortly before 2am on Monday, March 25, to a report of a burglary at a jewellers in Fleet Street. ‘A quantity of jewellery was stolen. ‘An investigation has been launched, led by detectives from the Met’s Flying Squad.

‘Forensic examination work is continuing at the scene. ‘No arrests have been made. Enquiries are ongoing to establish the circumstances and identify those responsible.
Source: DCLA

Thieves tunnelled into jewellers to take £1,000,000 in diamonds and gems

An upmarket Fleet Street jewellers has been robbed by burglars who tunnelled in Hatton Garden style and made off with an estimated £1 million in diamonds and gems.

George Attenborough and Son Jewellers on Fleet Street in central London was hit at some stage over the weekend, as thousands of runners competing in the London Landmarks Half Marathon thundered past nearby. The firm advertises items worth tens of thousands of pounds such as Cartier diamond rings on its website.

The Sun suggested the thieves who are still at large used drills to gain access to the secure building and complete the raid. A Scotland Yard statement confirmed members of its Serious and Organised Crime Command were involved in the investigation.

It said: ‘Police were called shortly before 2am on Monday, March 25, to a report of a burglary at a jewellers in Fleet Street. ‘A quantity of jewellery was stolen. ‘An investigation has been launched, led by detectives from the Met’s Flying Squad.

‘Forensic examination work is continuing at the scene. ‘No arrests have been made. Enquiries are ongoing to establish the circumstances and identify those responsible.
Source: DCLA

Petra Diamonds shares jump on 425-carat discovery at Cullinan

Shares in Petra Diamonds jumped more than 8% on Friday after the miner announced it had dug up a 425.1 carat, D colour, Type II gem quality diamond at its iconic Cullinan mine in South Africa.

The discovery comes less than a month after Petra found a 100.83 carat gem-quality white diamond at the same mine, source of the world’s biggest ever diamond, which was unearthed in 1905.
“Earlier in March, Petra had recovered a 100.83 carat, white D-colour type II gem-quality stone”

The company, which appointed last month former gold miner Richard Duffy as chief executive, said both recoveries demonstrated the frequency of such large stones at Cullinan.

Petra, which has been seeking to turn around its fortunes after piling up debt to expand the operation, plans to sell the 425.1 carat diamond during the June quarter.

Diamond miners are struggling across the board, especially those producing cheaper and smaller stones where there is too much supply. In December, some of Rio Tinto’s customers refused to buy cheaper diamonds, while De Beers has been forced to cut prices and offer concessions to buyers.

Source: DCLA

Petra Diamonds shares jump on 425-carat discovery at Cullinan

Shares in Petra Diamonds jumped more than 8% on Friday after the miner announced it had dug up a 425.1 carat, D colour, Type II gem quality diamond at its iconic Cullinan mine in South Africa.

The discovery comes less than a month after Petra found a 100.83 carat gem-quality white diamond at the same mine, source of the world’s biggest ever diamond, which was unearthed in 1905.
“Earlier in March, Petra had recovered a 100.83 carat, white D-colour type II gem-quality stone”

The company, which appointed last month former gold miner Richard Duffy as chief executive, said both recoveries demonstrated the frequency of such large stones at Cullinan.

Petra, which has been seeking to turn around its fortunes after piling up debt to expand the operation, plans to sell the 425.1 carat diamond during the June quarter.

Diamond miners are struggling across the board, especially those producing cheaper and smaller stones where there is too much supply. In December, some of Rio Tinto’s customers refused to buy cheaper diamonds, while De Beers has been forced to cut prices and offer concessions to buyers.

Source: DCLA

Eurostar Diamond Traders Enters Bankruptcy

Eurostar Diamond Traders, one of the biggest names in the Antwerp industry, has entered bankruptcy following a legal battle with its banks.

The Antwerp Corporate Court ruled Thursday in favor of that outcome. Eurostar plans to appeal the decision, according to the company’s chairman and founder, Kaushik Mehta.

“For Kaushik Mehta and Eurostar, this is a very disappointing day, which he still is appealing and fighting,” the diamond-manufacturing firm said in a statement to Rapaport News.

Eurostar blamed its main lenders, ABN Amro and Standard Chartered, for being too aggressive in demanding repayment of debts. Both banks declined to comment.

The company owes an estimated $500 million, according to court-appointed administrator Alain Van den Cloot.

Source: DCLA

Eurostar Diamond Traders Enters Bankruptcy

Eurostar Diamond Traders, one of the biggest names in the Antwerp industry, has entered bankruptcy following a legal battle with its banks.

The Antwerp Corporate Court ruled Thursday in favor of that outcome. Eurostar plans to appeal the decision, according to the company’s chairman and founder, Kaushik Mehta.

“For Kaushik Mehta and Eurostar, this is a very disappointing day, which he still is appealing and fighting,” the diamond-manufacturing firm said in a statement to Rapaport News.

Eurostar blamed its main lenders, ABN Amro and Standard Chartered, for being too aggressive in demanding repayment of debts. Both banks declined to comment.

The company owes an estimated $500 million, according to court-appointed administrator Alain Van den Cloot.

Source: DCLA

Basel to Drop Prices by up to 30%

Baselworld will reduce booth prices by 10% to 30% at next year’s show and move diamond dealers to a more attractive location, organizers have confirmed.

Management will reopen Hall 2, which was empty at the 2019 show, and place gem and pearl exhibitors in that area together with a new innovation zone dedicated to smart watches and wearable devices.

The plan as it stands would see the innovation center on the ground floor, with gems and pearls one level up.

“This is still at the stage of an idea. It’s possible the gems and pearls sector may be located on the ground floor, but we still have to see what is most appropriate,” Michel Loris-Melikoff, managing director of Baselworld, said in a presentation on Tuesday, the final day of the show in the Swiss city. “What is certain is that they will be in Hall 2.”

Diamond companies’ current location in Hall 3 has been unpopular with many exhibitors, who felt they were too far from the high-end watch and jewelry brands in Hall 1.

The number of exhibitors in Hall 3 dropped 10% to 120 at this year’s show, despite a price reduction of 10% to 15%. That compares with a 20% decline in the total number of exhibiting brands at Baselworld to 520, while the visitor count dropped 22% to 81,200.

Loris-Melikoff vowed to slash per-square-meter prices across the show by up to 30% next year depending on the position, as well as simplifying the pricing structure. He noted, however, that booth rental only represented about 15% of the cost of attending the show for average exhibitors.

The 2020 edition will take place later than usual, from April 30 to May 5, so visitors can also attend the Salon International de la Haute Horlogerie in Geneva, which ends April 29, organizers of both shows announced in December. That synchronized schedule will continue until at least 2024.

From next year, Baselworld plans to rebrand itself as an “experience platform” and a community for the jewelry and watchmaking industry, rather than a classic trade fair, it said. To that end, the 2020 show will feature a retailer summit, talks by CEOs, and a virtual-reality zone.

“Our strategy met with strong approval from the exhibitors during the presentations,” Loris-Melikoff noted. “We will tackle change with vigor and passion.”

Source:Diamonds.net